Bitcoin’s Technology – Blockchain: History and Timeline


Mohit Kamboj

The creation of Blockchain did not happen with the advent of Bitcoin. It only glorified its presence in the Fintech world after Bitcoin was created. Before the crypto creation, the technology was the base of several ventures that played a part in virtual signatures and important distribution known as tree authentication. Here we will check a brief history and timeline of this technology; however, for a detailed analysis, you can visit the website of Bitqs. Blockchain did exist in the eighties and nineties and played a part in digital transactions. Now, let us get an overview of the Blockchain technology timeline:

2008 – 2009 – BTC and Blockchain got the start

In 2008, the white paper of the currency came into the market. In the next three months, we saw that digital money was introduced in Jan 2009 with Blockchain as its backbone. Satoshi Nakamoto led the team to develop the coin over Blockchain that worked as a digital ledger. The year went on promoting and establishing the digital currency in the market.

2010-2012: BTC and cyber money take hold

By the start of 2010, we saw Satoshi bidding his farewell, while in May, we saw the first commercial transaction taking place using Bitcoin. A young software developer L Hanyecz shopped two pizzas worth 41 USD with 10K Bitcoins. He has no regrets about the money burnt in buying it for paying 41 USD. The exact cash today is 350 M USD. By the end of 2012, the market felt the taste of the coin as it was much more stable.

2013-2015: the rise and fame of ETH and Blockchain

During these two years, ETH came into the market using Blockchain. The same year, we saw Bitcoin outperforming at 22 USD per currency. It helped many financial institutions start realizing crypto in the market. Soon 11 M of BTC was in circulation, and we saw the first Bitcoin-based ATm coming in Canada. Blockchain turned a corner in 2014 as many companies started looking for the currency’s potential, focusing on blockchain technologies. ETH came in 2015, making it stable in the market. And it soon becomes an exemplary application of the technology.

2016 – Blockchain enters the mainstream market

The year brought Blockchain to many more industries, becoming a valuable technology with a different identity than Bitcoin or any other crypto in the market. Soon we saw the ups and down of the technology, but its popularity was stable in various market sectors.

2017 – BTC reaching to 20K USD

It was the first time we saw a sudden jump in Bitcoin, reaching 20K USD. It led Japan to recognize BTC as its legal currency. Soon seven top banks formed their network called DTC to start the trade using Blockchain. In addition, we saw the company EOS working on Blockchain-based ventures using decentralized apps.

2018 – the 10th anniversary of BTC

We saw the value of BTC going down as it touched 3800 USD. Many online payment companies, led by Stripe, came into the market to accept Bitcoin as the payment choice. There was a boom on social media for the currency and technology that showed a few nations like South Korea react by banning crypto. The US also launched a forum to explore Blockchain, and they formed a platform known as Baidu for it.

2019 – Amazon and Walmart launched Blockchain-based SCM

Soon we saw retail giants like Amazon and Walmart entering the crypto domain. The former embarked with its Blockchain-based service known as AWS, while the latter developed an SCM platform based on technology hyper ledger.

2020 – The incredible rise of Blockchain

The year brought an incredible rise in Bitcoin, and by the end, it had touched 40K USD. Even during the Covid times, we saw good growth of Bitcoin and the technologies based on Blockchain. However, the year was alarming for the excellent development of BTC.

2021 – Too many Institutional Investments

We saw many institutional investments coming up with Bitcoin. The first one in the market came with Elon Musk of Tesla putting 1 B USD in BTC and announcing that he would accept payment in BTC and other cryptocurrencies. The year also witnessed the incredible rise of Bitcoin as it touched 70K USD in November.

2022 – Roller Coaster rise of the currency

It was a bad year for Bitcoin as its value went down by 50 per cent. From 69K USD to 30 K USD, the currency’s fall was incredible but is expected to rise again.